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City proposes rolling $7.45 million Town Mall notes into new $7.9 million issuance; first reading only
Summary
Council received a first reading on an ordinance to issue up to $7,897,000 in bond anticipation notes to carry the Town Mall acquisition financing for another year; no council action was taken during the May 20 meeting.
Middletown — On May 20 the City Council received a first reading of an ordinance authorizing the issuance and sale of notes in a maximum principal amount of $7,897,000 in anticipation of bonds for the purpose of paying costs tied to the acquisition and redevelopment of the Town Mall and related due‑diligence and design work.
City Manager Ashley Combs told council the proposed issuance would roll over outstanding principal and interest from a prior bond anticipation note series. The council issued about $7.45 million in bond anticipation notes last year to finance the Town Mall purchase; those notes matured in August, and the proposed ordinance would extend financing for another year while the city finalizes a development agreement intended to retire most or all of the outstanding debt.
This was a first reading; no vote was taken. Staff noted the action would temporarily increase the city's outstanding debt for the site and said the plan is to use a development agreement to address repayment as redevelopment proceeds.
